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over the nextçó two years we are tryg to be fairly strict on the time. chairman bernanke needs to be out by 2:00. the gentleman from illinois. >> con dprat layingses on your reelection. the fdic reported yesterday that bank lending in 2009 fell by 7.75%. $587 billion in the washington journal said it was epic, the decline. there's a chart behind. why is bank lending falling so dramatically. it's falling because we are forcing to receive reserves. upon the committee room tv now is a chart from the oversite value report. increasing 700% since the first quarter of 2007. you'll notice from the chart that if the trend continues, the rate of free loans will soon be off that chart. the dramatic increase to me is really approaching a tsunami approaching our local communities. it is estimated to pique with over 300 billion expected to mature each year. 3.5 trillion, more held by banks and thrift. much held by the community banks that have survived the first part of the mortgage. now being threatened by this one. fdic yesterday added 450 banks to the troubled bank lits doubling the numbe
:00. >> thank you and welcome chairman bernanke. Ñi i'm interested in the suggestion made recently about curtailing some of the investment banking risks they are taking. he brings up an important subject and touches on it. it's bigger than what he has addressed. when we repealed against ñrthis i also believe there's been a moral has order caused by a fra decision of a line of credit given to freddie mac. the concept still persists that it is too big to fail. nobody is going to walk away. there's this dpar untea that the government will be there to bail out anybody that looks like is going to shake it up. it doesn't matter the bad debt and burden on the american taxpayer. it is still there. creating a tremendous moral hazard. the real problem over the decades has been the perception put into the markets pretending there is a saveings ore actually capital out there. this is the moral hazard because they believe something that is not true. we see the disintegration of the system we have already created. we have already been in a final crisis. we are going to see this get worse and have to
are on is not sustainable. the federal reserve chairman, ben bernanke, said that we cannot allow ourselves to be in a situation where the debts continue to rise and are unsustainable. the former treasury secretary said that it is clearly unsustainable in. the former head of the gao said it we are on an imprudent and unsustainable long-term fiscal path. as the former chairman of the federal reserve, alan greenspan said the the budget is on an unsustainable path. notice any similarities? unsustainable, unsustainable, unsustainable. look, i know that there is a sense of denial amongst our colleagues. about the seriousness of the threat. i see it every day. i just came from a meeting where i saw it. this is tough, but it has got to be dealt with. if we let this get away from us, we will rue the day, rue the day. regretting forever the consequences for the country. whether it is through a proposal from the president or some other method, we have got to deal with the consequences of a failure to act. so, we have to back. the sooner, the better. we will go out to our witnesses. doctor, thank you
that as a new member, i sat as many of my colleagues did when we got a call from secretary paulson and bernanke in saying this guy was-- and we had to react in two days. so sometimes depending upon the issue of the reaction has to be different. babbitt you or do you not agree with the testimony of mr. scovell which are not just limited to rulemaking and now i have a minute and 47 seconds. >> in 15 seconds i get an a-plus on milestones for professionalism. training i get an incomplete and i get a b on fatigue. >> do you agree with his assessment? >> i agree with some of his assessments. >> look forward to your immediate reaction to them and i would say, i would rather see you come to us and be creative in think out of the box and maybe have to figure out how we can do things differently because i think the confidence of the american public is reducing every day that we delay, and i think there is room for us to think creatively and do it different and i look forward to helping you. >> thank you very much. i appreciate that. >> i thank the gentlelady and that recognize the gentleman from ohio, mr
Search Results 0 to 3 of about 4

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